Rhumbline Advisers Has $4.92 Million Holdings in Premier, Inc. $PINC

Key Points

• Rhumbline Advisers has reduced its holdings in Premier, Inc. by 5.8%, selling 15,746 shares and now owns 255,002 shares valued at approximately $4.9 million.
• Premier recently announced a quarterly dividend of $0.21 per share, with a dividend yield of 3.2%, despite having a high payout ratio of 381.82%.
• Analysts have raised their price targets for Premier, with a consensus average target of $25.29, indicating a cautious outlook on the stock's performance.

Rhumbline Advisers cut its holdings in shares of Premier, Inc. (NASDAQ:PINC - Free Report) by 5.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 255,002 shares of the company's stock after selling 15,746 shares during the quarter. Rhumbline Advisers owned 0.31% of Premier worth $4,916,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PINC. Royal Bank of Canada boosted its position in Premier by 2,482.1% during the 1st quarter. Royal Bank of Canada now owns 461,445 shares of the company's stock worth $8,896,000 after acquiring an additional 443,574 shares during the period. Millennium Management LLC boosted its position in Premier by 101.2% during the 1st quarter. Millennium Management LLC now owns 809,939 shares of the company's stock worth $15,616,000 after acquiring an additional 407,373 shares during the period. Brandywine Global Investment Management LLC acquired a new stake in Premier during the 1st quarter worth about $6,414,000. American Century Companies Inc. boosted its position in Premier by 11.3% during the 1st quarter. American Century Companies Inc. now owns 2,891,710 shares of the company's stock worth $55,752,000 after acquiring an additional 292,979 shares during the period. Finally, Jane Street Group LLC boosted its position in Premier by 74.9% during the 1st quarter. Jane Street Group LLC now owns 570,505 shares of the company's stock worth $10,999,000 after acquiring an additional 244,251 shares during the period. 74.41% of the stock is currently owned by institutional investors and hedge funds.

Premier Price Performance

Shares of PINC stock traded down $0.16 during trading on Thursday, reaching $26.42. The company had a trading volume of 1,490,228 shares, compared to its average volume of 1,433,970. The firm's 50 day simple moving average is $23.96 and its two-hundred day simple moving average is $21.94. Premier, Inc. has a one year low of $17.23 and a one year high of $28.79. The company has a market capitalization of $2.18 billion, a PE ratio of 120.10 and a beta of 0.61.

Premier Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Friday, August 29th. Premier's dividend payout ratio is 381.82%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group raised their price objective on Premier from $23.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Canaccord Genuity Group raised their price target on Premier from $22.00 to $25.00 and gave the stock a "hold" rating in a research note on Wednesday, August 20th. Piper Sandler raised their price target on Premier from $24.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, August 25th. Leerink Partners raised their price target on Premier from $24.00 to $26.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 19th. Finally, Bank of America raised their price target on Premier from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Six investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Premier presently has an average rating of "Reduce" and a consensus target price of $25.29.

Insider Buying and Selling at Premier

In other Premier news, insider Andy Brailo sold 6,521 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $25.79, for a total transaction of $168,176.59. Following the completion of the sale, the insider directly owned 99,447 shares in the company, valued at $2,564,738.13. This represents a 6.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John T. Bigalke sold 1,137 shares of Premier stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $25.79, for a total value of $29,323.23. Following the completion of the transaction, the director directly owned 27,536 shares in the company, valued at approximately $710,153.44. This represents a 3.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,326 shares of company stock worth $317,230 over the last ninety days. Company insiders own 0.96% of the company's stock.

Premier Profile

Premier, Inc, together with its subsidiaries, operates as a healthcare improvement company in the United States. It operates in two segments, Supply Chain Services and Performance Services. The Supply Chain Services segment offers its members with an access to a range of products and services, including medical and surgical products, pharmaceuticals, laboratory supplies, capital equipment, information technology, facilities and construction, and food and nutritional products, as well as purchased services, such as clinical engineering and workforce solutions.